Expo shows resiliency in wake of outbreak

Gathering around 26,000 foreign trade companies and buyers from more than 210 countries and regions, the ongoing 128th Canton Fair, running online from Oct 15 to 24, demonstrates China’s strength and competitiveness in foreign trade.

The Canton Fair shows China is recovering from the COVID-19 pandemic and the country’s foreign trade has maintained a steady and positive trend, according to exhibitors.

Statistics show that exports of textiles, medical herbs and medicines and medical instruments have seen average growth of more than 20 percent during first three quarters of this year, driving the general growth of China’s exports by 1.8 percent from the same period in 2019.

According to McKinsey & Co, a global management consulting, firm, before the outbreak of the novel coronavirus, no surveyed buyer planned to increase their purchases from China in the next five years. 

Since the outbreak, 13 percent of surveyed purchasing executives now plan to increase their procurement share in China. The  country’s sound industrial chain is playing its part in stabilizing the global supply chain, insiders said.

Facing the health crisis, Xi’an Yuanfar International Trade, which has focused on the photovoltaic industry for years, rapidly adapted its business development strategy, reformed its business model and increased its efforts in research and development.

“The world is currently short on energy resources and the issue of energy safety is becoming increasingly prominent,” said Chi Qinghua, general manager of the company. “Demand for clean energy from various countries is on the rise, and exportation of photovoltaic products is a key sector in maintaining China’s foreign trade.” China, the United States, India and Japan are major exporters of photovoltaic products,.

Solar power stations in mature markets including the US, Japan, Australia and Europe have been dominated by industrial leaders, and the competition in emerging markets such as Vietnam is fierce. So the company turned its eyes to the so-called blue ocean market that has yet to be developed in the Middle East and Africa.